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Shareholders' Equity (Tables)
12 Months Ended
Dec. 31, 2022
Equity [Abstract]  
Schedule of Stock-based Compensation Expense
The Company recognized stock-based compensation expense in its Consolidated Financial Statements in 2022, 2021 and 2020 as follows:
202220212020
Stock-based compensation expense$39,403 $41,451 $27,014 
Less: Deferred tax benefit(7,340)(8,444)(5,182)
Stock-based compensation expense, net of tax$32,063 $33,007 $21,832 
Schedule of Assumptions Used in the Weighted Average Fair Value of the Stock Options Granted
The weighted average fair value of the Company’s stock options granted during 2022, 2021 and 2020 were $17.95, $14.94 and $13.53, respectively, using the following assumptions:
202220212020
Expected term (in years)5.845.605.79
Expected volatility27.79 %28.67 %29.02 %
Expected dividend yield1.40 %1.30 %1.29 %
Risk-free interest rate3.79 %1.37 %0.62 %
Schedule of Stock Option Plans
This table presents certain information relating to the Company’s stock option plans for 2022, 2021 and 2020:
Number of
Shares
Weighted
Average Price
Balance as of December 31, 201915,706,000 $47.43 
Granted4,529,000 56.54 
Exercised(1,563,000)28.83 
Expired or canceled(177,000)55.76 
Balance as of December 31, 202018,495,000 $51.15 
Granted3,323,000 60.48 
Exercised(1,719,000)29.73 
Expired or canceled(1,015,000)57.92 
Balance as of December 31, 202119,084,000 $54.35 
Granted2,215,000 61.74 
Exercised(1,537,000)35.03 
Expired or canceled(992,000)59.52 
Balance as of December 31, 202218,770,000 $56.52 
Exercisable as of December 31, 20229,043,000 $52.68 
Available for future grant as of December 31, 202210,354,000 
Schedule of Common Stock Buyback The following table provides the total number of shares repurchased and the related total costs in 2022, 2021 and 2020:
YearTotal Number of
Shares Repurchased
Total Cost
20225,914,000 $338,442 
20216,747,000 411,534 
20208,008,000 424,702